A mixed-use property at 1482 First Avenue, located between East 77th and 78th Streets on Manhattan’s Upper East Side, was sold in an all cash transaction valued at $3,010,000.
The four-story property is approximately 6,888 square feet and sits on a 25’ x 94’ lot. The property contains two commercial units on the ground floor and six apartments above. There are over 16,000 square feet of air rights remaining, subject to the Sliver Law and an 1883 easement. The sale price equates to approximately $437 per square foot.
“Massey Knakal was appointed by the NYS Supreme Court to sell the building in November 2007, after initially being introduced to the property in the summer of 2003. The transaction was set against the backdrop of a family litigation which lasted approximately 19 years, and was ultimately sold to a local investor after approximately 4 ½ years,” said Massey Knakal Vice President of Sales Thomas Gammino Jr. who exclusively handled this transaction with CEO Paul J. Massey Jr.
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Neighborhoods: Upper East Side/ Agents: Paul Massey Jr., Thomas Gammino Jr.